Billionaire Jack Ma, Alibaba Group Holding's co-founder and executive chairman, is reportedly retiring from the company.

Ma was quoted as saying he would step down on September 10 to pursue philanthropy in education.

Ma, a former tour guide, English teacher, and self-styled "China's Forrest Gump," is reportedly remaining on the company's board of directors.

Billionaire Jack Ma, Alibaba Group Holding's co-founder and executive chairman, is retiring from the company, the New York Times reported on Friday.

Ma was quoted as telling the paper he would step down on Sept. 10 to pursue philanthropy in education.

Alibaba was not available for comment outside business hours.

Ma, a former tour guide, English teacher, and self-styled "China's Forrest Gump," would remain on the company's board of directors and continue to mentor the company's management, the New York Times said.

Ma told the newspaper that his retirement "is not the end of an era but "the beginning of an era." He added that he would be spending more of his time and fortune focused on education.